Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Russia proposes 15% tax on crypto income from trading and mining: report

Russia proposes 15% tax on crypto income from trading and mining: report

The BlockThe Block2024/11/17 16:00
By:The Block

Quick Take Newly introduced amendments from the Russian government classify crypto income as property, with a maximum tax rate of 15%.

Russia proposes 15% tax on crypto income from trading and mining: report image 0

The Russian government has approved draft amendments to a bill on taxing income and expenditures from crypto transactions and mining, Russian news agency Interfax reported on Monday, citing the country’s Finance Ministry.

Under the proposed legislation, cryptocurrencies will be classified as property for tax purposes, the report said . This means that income derived from mining activities will be taxed based on its market value at the time of receipt. However, miners will be allowed to deduct expenses related to mining operations from their taxable income.

Furthermore, crypto transactions are set to be exempt from value-added tax, where income from trading will be subject to the same tax rates as income from securities transactions, with a maximum personal income tax rate of 15%.

The amendments plan to ensure compliance by requiring mining operators to report information on the individuals using their infrastructure.

Russia’s Finance Ministry reportedly explained that the decision to tax the financial income derived from mining aims to strike a balance between the interests of businesses and the government.

The country first introduced the original bill on cryptocurrency taxation in December 2020 and passed its first reading in 2021, according to Interfax.

Russia's Federal Tax Service proposed last month to tax miners' unrealized gains. Earlier this month, the Russian government set a limit for unregistered individuals to mine bitcoin with a monthly power consumption of no more than 6,000 kilowatt-hours.


32

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?

This Thanksgiving, we are grateful for bitcoin returning to $90,000.

BlockBeats2025/11/28 08:43
After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?

Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

The current paradox of the Bitcoin network is particularly striking: while the protocol layer has never been more secure due to high hash power, the underlying mining industry is facing pressure from capital liquidation and consolidation.

区块链骑士2025/11/28 08:23
Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

What are the privacy messaging apps Session and SimpleX donated by Vitalik?

Why did Vitalik take action? From content encryption to metadata privacy.

ForesightNews 速递2025/11/28 08:23
What are the privacy messaging apps Session and SimpleX donated by Vitalik?

The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun

The attacker incurred a loss of 3 million in a "suicidal" attack, but may have achieved breakeven through external hedging. This appears more like a low-cost "stress test" targeting the protocol's defensive capabilities.

ForesightNews 速递2025/11/28 08:23
The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun